Coinbase Pro Supports AAVE BNT and SNX

Coinbase – the leading cryptocurrency exchange in the United States- has finally announced custody and trading support for some of the oldest and most well-known DeFi tokens.

In a time where DeFi and digital assets seem yet again to be under attack by regulators, it’s reassuring to see Coinbase open up it’s doors to protocols that embody the principles decentralized finance. The three tokens being added to Coinbase pro are considered by many to be OG DeFi tokens.

Coinbase supporting these DeFi tokens is a huge deal because of the trickle-down effect this could have on the rest of the retail market. Other assets supported on Coinbase also have their own “Earn” page where users of the exchange can spend time learning about a protocol and be rewarded in tokens if they are able to score well on a short quiz regarding the protocol.

Imagine Coinbase leading the charge and educating the next wave of SNX stakers, helping to increase liquidity on the Syntheix platform. The scenario could take place for Aave and Bancor as well. Coinbase could open Aave’s lending market and Bancor’s decentralized exchange to a whole new market that was perhaps afraid to touch anything that even faintly resembled DeFi just a few months ago.

So much of bootstrapping DeFi applications and building a strong community is about educating new users. The best way to convert anyone to a DeFi believer is to get them using DeFi protocols like Aave, Bancor, or Synthetix. Having the native tokens of these respective protocols listed on a trusted and regulated exchange like Coinbase is a huge step towards mainstream awareness.

Users in the US that have always relied on centralized exchanges can now get exposure to and more importantly learn about three important DeFi sectors through these newly listed tokens – Money Markets (AAVE), Automated Market Makers (BNT), and Synthetic Assets (SNX).

Assuming that Coinbase later supports AAVE, SNX, and BNT on the “Earn” page we will potentially have a ton of new DeFi users who will receive quality information from Coinbase on how they can leverage their newly earned tokens to earn a cut of the fees accrued by each of the represented protocols.

The post Coinbase Pro Supports AAVE BNT and SNX appeared first on DeFi Rate.

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